Indian property developer Sunteck Realty Ltd on Thursday reported a 46.8% rise in first-quarter profit, helped by upbeat margins, even as revenue declined.
Net profit rose to ₹33.43 crore for the quarter ended June 30, from ₹22.78 crore a year earlier.
Revenue fell 40.5% to ₹188.31 crore from ₹316.27 crore.
The Mumbai-based luxury real estate developer said EBITDA rose 52% year-on-year to ₹48 crore, while EBITDA margin expanded by 1,541 basis points to 25%. Net profit margin also improved by 1,054 bps to 18%.
Pre-sales for the quarter stood at ₹657 crore, up 31% from the year-ago period, while collections were ₹351 crore, up slightly from ₹342 crore.
Sunteck added that net debt-to-equity stood at 0.02x, indicating a strong balance sheet. India Ratings & Research (Fitch) reaffirmed the company’s long-term issuer rating at ‘IND AA/Stable’.In terms of project pipeline, the company said it has been selected as the preferred developer for a residential redevelopment project in Andheri, Mumbai, spread across 2.5 acres with a development potential of 275,000 square feet and an expected Gross Development Value (GDV) of ₹1,100 crore.
The company’s portfolio spans over 52.5 million sq. ft. across 32 projects, with differentiated branding ranging from ultra-luxury to aspirational housing and commercial developments.
Shares of Sunteck Realty ended 1.1% lower ahead of the results.
(Edited by : Ajay Vaishnav)
